232 3rd St · Scotia, NY 12302

$275,000

3 bd · 2.0 ba · 1,504 sqft · MultiFamily public records · 1 Days on market

Built 1903 3,484 sqft lot Est $245k · 12% over

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Why this score? — see what drove the C+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +28.6/30.0
• DSCR +10.0/10.0
• 1% rule +8.6/10.0
• Schools +5.4/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +2.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Large price reduction ! This property makes for a perfect investment property and features large first floor 2 bedroom unit with cozy living room, formal dining room, huge eat in kitchen, hardwood floors, huge primary bedroom, large front porch, basement with finished room, back bonus room! 2nd floor unit features very large bedroom. living room, good size kitchen, dining area, laminate floors! Cozy backyard and a great convenient location!

Key facts

• Covered front porch
• Manageable backyard
• Two family property

Tags

• TWO FAMILY PROPERTY
• HARDWOOD FLOORS
• FINISHED AREA IN BASEMENT
• COVERED FRONT PORCH
• MANAGEABLE BACKYARD

Property features AI

Exterior

• Parking: Detached garage; Driveway parking; Off-street parking; Total of 4 parking spaces (including 1 garage space)
• Utilities: Public water; Public sewer
• Home design: Duplex (multi-family property)
• Construction: Vinyl siding construction; Finished below-grade area present
• Exterior features: Vinyl siding; Lot approximately 0.08 acre

Interior

• Bedrooms: Unit 1: 2 bedrooms (1st level and other levels as configured); Unit 2: 1 bedroom
• Bathrooms: 2 full bathrooms total; One full bath on the 1st level; One full bath on the 2nd level
• Heating & cooling: Baseboard heating; Electric heating; Forced air heating; Natural gas heating
• Interior features: Interior entry basement; Duplex with two separate units

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $275k.

Deal economics

• At list price, monthly cash flow is $907 ($11k/yr) — positive. Per door: $453/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $275k).
• Cap rate 10.2% vs local median 4.3% in Scotia — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 78/100 on livability (#173 in NY, #2,688 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, employment A; Watch: crime D, amenities D, commute F.
• Scotia-Glenville Central School District (suburban): math 57% / reading 68% proficiency, ranked #193 of 590 in NY (top 33%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 19% free/reduced lunch — higher-income household profile.
• Zoned schools: Scotia-Glenville Senior High School (math 92% / reading 95%, grade A+, #131 of 1,100 statewide, top 13%, 736 students, 34% FRL).
• Zoned-school proficiency averages 94% at this address vs 62% district-wide (+31 pts) — the actual schools serving this property are materially stronger than the Scotia-Glenville Central School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 127 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 154 units permitted in Schenectady County in 2024 (54 in 5+ unit buildings).
• At $3,746/mo this rent would consume 46% of the median local household income ($98k/yr) (locally 632% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Schenectady County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $77k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 3y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $132k; list at $275k implies a 108% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1903 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $275,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1903 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.36% ✓
• Cap rate: 10.25%
• Cash-on-cash: 14.13%
• DSCR: 1.63
• GRM: 6.1

CMA / ARV

• ARV (on-the-fly): $245,152
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
317 Glen Ave	0.34mi	4/2.0 (+1)	1,630 (+8%)	4mo	$210,000	$129	62
336 Mohawk Ave	0.29mi	4/2.0 (+1)	1,424 (-5%)	23mo	$232,000	$163	53

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 4.5%
• Equity multiple: 1.17×
• Total profit: $13,331
• Equity at exit: $41,003

10-year hold

• IRR: 14.0%
• Equity multiple: 2.12×
• Total profit: $86,571
• Equity at exit: $23,777

Cash invested: $77,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 12302

• Active inventory: 127
• Price-to-rent: 12.2×

Monthly cashflow live

• Estimated rent: $3,746 high
• Mortgage (P&I): −$1,442
• Tax from tax record: −$496 /mo · $5,952/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$787
• Net cashflow: $907

Break-even live

Break-even rent $2,598

Max offer price $275,000

Occupancy floor 71%

Sensitivity live

Price	-10% $1,062	-5% $984	+0% $907	+5% $829	+10% $751
Rent	-10% $611	-5% $759	+0% $907	+5% $1,055	+10% $1,203
Rate	-1.0pp $1,045	-0.5pp $977	base $907	+0.5pp $835	+1.0pp $763

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,746
Total (2 units)			$3,746

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
211 Sacandaga Rd Schenectady, NY	3.0	2.0	1291	$2,190	$1.70	45d	1	0.63mi
211 Sacandaga Rd Schenectady, NY	3.0	2.0	1291	$2,140	$1.66	14d	1	0.63mi
13 State St Schenectady, NY	1.0–2.0	1.0	923	$1,768	$1.92	14d	1	1.38mi
117 Washington Ave Schenectady, NY	2.0–4.0	1.0–2.0	1033	$1,515	$1.47	14d	9	1.46mi
100 Reserve Ct Schenectady, NY	1.0–3.0	1.0–2.0	1106	$2,445	$2.21	15d	1	1.49mi

Listing history 2 events

1. 2026-06-19
   remarks 699-char remark
2. 2026-06-19
   listed $275,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $5,952 · $496/mo
• Projected year-2 tax: $5,952 · $496/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥96°F today · 17 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $44,952
• − Mortgage interest: −$15,404
• − Property taxes: −$5,952
• − Insurance: −$1,375
• − Repairs & maintenance: −$3,596
• − Management: −$3,596
• − Depreciation: −$8,000
• Taxable income: $7,028
• Est. tax owed @ 24.0%: −$1,687
• After-tax cash flow: $9,193/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Scotia-Glenville Central School District
• NCES district ID: 3626310
• Math proficiency: 57% ▼ -7.00%
• Reading proficiency: 68% ▲ 11.00%
• Median HH income: $62,663
• Composite: 54.32/100
• National rank: #1367
• State rank: #193 of 590 in NY

Livability — Scotia

• Score: 78/100
• State rank: #173
• US rank: #2688

Category grades

Amenities D Commute F Cost of living B+ Crime D Employment A Housing A+ Health & safety A+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Scotia, NY
• County: Schenectady County · 141,369 people
• Metro: Albany-Schenectady-Troy, NY
• Population (ZIP): 28,031
• Household income: $98,163
• Rent vs Own: 24.2% rent · 75.8% own
• Severe rent burden: 632.0

Population outlook (Schenectady County) Hauer SSP2

• Today (2025): 155,046 people
• By 2030: 154,322 · -0.5%
• By 2040: 151,796 · -2.1%
• By 2050: 148,621 · -4.1%
• By 2075: 141,229 · -8.9%
• By 2100: 126,014 · -18.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 5% Hispanic / Latino 3% Asian 2% Black 2%
• Common ancestry: Romanian 9% Lithuanian 4% Italian 3%
• Foreign-born: 4% · Canada, China
• Languages at home: 94% English-only · Spanish 2% Chinese 1% Other Indo-European 1%

Political lean MEDSL · Schenectady

• 2024 margin: D (+10.8) · D 55.4% · R 44.6%
• 2008→2024 swing: -1.8pp toward R · 2008: 12.7pp · 2024: 10.8pp
• All cycles: 2024: D+10.8 2020: D+15.7 2016: D+5.8 2012: D+15.4 2008: D+12.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -274.86%
• Current HPI: 304.1765
• Rent YoY: —
• Metro: Albany-Schenectady-Troy, NY
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

+248.1% since first listed

9 events — show timeline

• 2026-06-16 Listed $275,000 Global MLS
• 2024-01-26 Sold (Public Records) $132,500 Public Records
• 2023-12-29 Sold (MLS) $132,500 Global MLS
• 2023-11-15 Pending — Global MLS
• 2023-09-26 Relisted — Global MLS
• 2023-09-26 Price Changed $150,000 Global MLS
• 2023-09-04 Pending — Global MLS
• 2023-06-24 Listed $179,900 Global MLS
• 1995-05-10 Sold (Public Records) $79,000 Public Records

Property tax history

+1.5%/yr

Latest (2025): $5,952 · +3.0% YoY. Source: county tax records.